United Kingdom buyers continued to swap their depressing
drizzle and rocky beaches for south-east Queenslands sun, sand
and surf at a growing rate.

Last financial year, they snapped up $112 million worth of residential
property alone in the Sunshine State.

Sales figures from the Sunshine Coast showed UK buyers purchased residential
properties worth $21 million in 2006-07, not including unconditional
contracts in projects being sold off the plan or under construction.

Apart from the UK, New Zealanders stepped up with $13 million worth
of deals, followed by South Africa on $2.5 million, Ireland with $1.6
million and the rest of Asia at about $5 million.

The sales were part of the ongoing overseas buying spree that saw a
total of $558 million worth of residential property bought in Queensland
in 2006-07 according to figures just released by global real estate
advisor DTZ.

The value of Queensland property being sold offshore has increased
at an average annual rate of 26% since 2003.

Speaking at a presentation in Brisbane on Friday, DTZ director of project
marketing, Paul Barratt, said research showed more than 1500 Queensland
residential property contracts were settled by offshore entities in
2006-07.

Mr Barratt said Brisbane had emerged as a favourite among foreign investors
with $145 million in sales. New Zealanders actually led the way in that
market with $32.5 million in purchases, followed by buyers from the
UK at $30 million, China at $12 million and the rest of Asia at $30
million.

Russian buyers have obviously discovered the Gold Coast, snapping up
$35 million worth of residential property on the glitter strip, with
New Zealanders next on the list at $32.5 million. Other countries generating
plenty of sales included New Caledonia with $28 million, Japan with
$26 million, the UK at $22 million and the rest of Asia with $86 million.

The average value of offshore residential sales across the south-east
ranged from $417,000 on the Gold Coast, $363,000 on the Sunshine Coast,
$322,500 in the wider Brisbane area and $383,000 in Brisbane City.

Also speaking at the presentation was Peter Braithwaite, DTZs
UK residential business unit chairman who said Queensland property was
an appealing option for buyers looking to diversify their investment
portfolios.

High growth across the UK has created an equity-rich investor
class. Purchasers are looking to use this buying power to secure lifestyle
opportunities in international marketplaces such as Australia,
Mr Braithwaite said.

Queensland in particular is seen as a desirable location among
buyers looking to immigrate in pursuit of the sun and surf
lifestyle. These purchasers will pay top dollar for high-end property
that meets their requirements for ample living space and quality finishes.

Mr Barratt had a warning, however, saying while offshore sales had
remained strong in the first half of this financial year, the global
credit crisis had slowed activity across the board and would have a
knock-on effect in terms of foreign investment into Queensland.

While the present figures bode well for continued growth, the
impacts of the global credit crunch arent to be underestimated.
Realtors will have to be proactive in pursuing sales opportunities in
key overseas locations to keep the momentum moving forward, he
said.